SAP shares fell as much as 13% on January 29, 2026, their steepest one-day decline since October 2020, after the company reported fourth-quarter current cloud backlog growth of 16% to €21.1 billion, below the 26% target set by CEO Christian Klein. Large transformational contracts with revenue ramps in later years, plus termination-for-convenience clauses, weighed on constant-currency backlog growth by about one percentage point. The share drop pushed the stock toward its lowest closing level since mid-2024 and followed similar investor caution after Microsoft’s cloud division delivered so-so revenue growth the previous day.

For the full year ended December 31, 2025, SAP delivered total revenue of €36.8 billion (up 8% on an IFRS basis and 11% at constant currencies) and cloud revenue of €21.0 billion (up 23% IFRS, 26% at constant rates). Total cloud backlog reached a record €77.3 billion, rising 22% (30% in constant currency). IFRS operating profit more than doubled, while non-IFRS operating profit grew 28% (31% at constant rates). The company also announced a new two-year share repurchase program of up to €10 billion to enhance shareholder returns and underscored confidence in accelerating revenue growth through 2027, driven by SAP Business AI adoption in two-thirds of Q4 cloud order entry.